Crypto Price Forecast: Crypto Market Sees Unexpected Selling Pressure as Matrixport Proposes US SEC Ban on Bitcoin Spot ETFs
Posted 12 hours ago
Updated 6 hours ago
Cryptocurrency Price Forecast: The cryptocurrency market experienced a sudden selloff in the early hours of December 3rd. The two major currencies, Bitcoin and Ethereum, lost 6% and 6.87%, erasing the gains made in the first two days of 2024.
This massive sell-off can be attributed to the potential SEC rejection of spot bitcoin ETFs, which was recently highlighted by Matrixport, a financial services platform for digital assets.
The total value of the global cryptocurrency market is currently $1.74 trillion, registering a slight decrease of 1.08% from the previous day. At the same time, the total trading volume of cryptocurrencies in the last 24 hours was $69.16 billion, a slight increase of 1.13%.
Despite this selling pressure, cryptocurrencies such as Solana (SOL), Internet Computer (ICP) and Maker (MKR) continue to hold bullish positions.
Solana (SOL) breaks above $100 ahead of potential bounce
Solana's price underwent a significant correction in late December, rising from $126.36 to $100, a 23% decline. This key level, aligned with the 23.6% Fibonacci retracement, acted as a strong support base in an attempt to keep SOL above the $100 mark.
Despite this comeback, it is still too early to confirm the final trend of Solana's recovery. For a more reliable indicator, investors can consider a break above the $100 support level or a move above $126.36.
In case of a prolonged correction, possible support levels can be found at $82.9 and $70, corresponding to the 38.2% and 50% Fibonacci retracement levels, respectively. Additionally, a bearish MACD crossover is an indicator of prevailing market correction sentiment.
Internet Computer (ICP) prices from $20 amid rising open interest
Internet Computer (ICP) has been named the biggest weekly gainer in the cryptocurrency market and is currently trading at $15.29. After consolidating above $8.6 on December 26, ICP posted a massive 89% gain to hit a 10-month high of $16.20.
Data from Coinglass highlights a significant recovery in open interest, which rose from $28.68 million to $117.48 million in just three weeks, indicating greater investor confidence and interest in ICP.
This bullish momentum is further supported by a breakout of the cup and handle pattern, signaling a trend reversal. The surge after the explosion could raise the price of Internet-connected computers by 32% to $20.
A high value of the average direction index (57%) indicates that the ICP price may be subject to random adjustments.
Price Maker (MKR) continues a seven-month uptrend with potential for further upside
The daily time chart of Coin Maker (MKR) is showing a seven-month stable uptrend within a rising channel that is attracting a lot of attention from market participants. The coin price showed a tendency to bounce off the trend lines of the pattern.
It should be noted that on December 19, MKR made a significant breakout from the lower trendline and led to a 50% rally, bringing the price back to $1,892. Historical trends indicate that Producer price may face increased selling pressure at this resistance level, potentially leading to another correction.
As a result, smart investors can consider taking advantage of the best entry points during pullbacks to the lower bounds of the pattern or exits from the upper trend lines. Maker Coin is expected to maintain an upward trajectory as long as the ascending channel pattern is active.
Additionally, the 200-day exponential moving average (EMA) can provide solid support during any correction phase of this chart pattern.
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The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for personal financial losses.